Understand the definition
The definition of disability affects when benefits may be payable. Read it in the actual contract, especially when your work requires specialist skills.
Income protection
Your ability to work deserves a plan of its own.
Disability insurance can replace part of your income when an illness or injury meets the policy’s definition of disability. Coverage differs in how disability is defined, how long you wait for benefits, and how long payments may continue. Review those details against both your household expenses and any workplace coverage.
Start a private conversationSpeak with an advisor, or prepare a brief first.
Before choosing a policy
Four questions
worth asking.
How long could savings cover the bills?
What does your employer or association plan already provide?
How does the policy define your occupation and disability?
Which business expenses would continue if you stopped working?
Options and tradeoffs
The details
make the difference.
Choose a workable waiting period
Balance the time before benefits begin against your available savings and other sources of income.
Review existing coverage
Check workplace limits, offsets and what happens if you leave the job. Personal and business expense needs may require different arrangements.
Common questions
A clearer
starting point.
Does my employer’s plan cover everything?
It may cover only part of your income and may have limits or offsets. Review the plan booklet and compare the benefits with your obligations.
Is disability insurance the same as critical illness insurance?
No. Disability coverage generally relates to an inability to work under the contract definition. Critical illness coverage relates to specified covered diagnoses and conditions.
General information to prepare for a conversation. Coverage depends on underwriting and the policy contract. Your circumstances require individual advice.
Further reading: Financial Consumer Agency of Canada: Disability insurance
A family name behind the advice